"It's one of the world's largest pure play software as a service vendors," Cramer explained. "It provides businesses with cost-saving corporate travel and expense management software. It has a $12 billion total addressable market and its revenues are growing like a weed."

Over the long-term, Cramer thinks Concur will be among those standing triumphant, even as others are sacrificed on the stock market battlefield.

"I've said it before, and I will keep saying it until the cows come home: this market is showing no mercy for momentem stocks, especially the cloud-based software as a service plays," Cramer said.

And although Concur reported a solid quarter, Cramer says, in this environment, it won't be enough to prevent further weakness.

"Cloud based stocks have simply fallen out of favor," Cramer said.

"You have to understand, this momentum sell-off is not about the companies themselves, it's about a group of stocks that got ahead of themselves and have gone from being loved by the market to being hated."

And it's entirely possible Concur will remain way ahead of itself, for a while. "Even after these declines, Concur is still trading at 79 times next year's earnings estimates."